How does DRW stay in front of the latest cutting-edge trading technology trends? Our experts have a variety of technical expertise, and always ensure the firm has access to the latest information in the industry. Typically, this information sharing is done through training, participating in conferences and regularly meeting with companies that are providing bleeding edge technology. Access to cutting-edge technology is not the only critical success factor in this highly competitive industry.
What types of counterparties do you work with? We work with a wide array of institutional investors from Europe, Americas and APAC, including private banks, pension funds, hedge funds, asset managers, sovereign wealth funds, national banks, insurance companies, and more. As ETFs continue to progress, so do our counterparties and the people we interact with on a day-to-day basis. Can you describe the education you provide to counterparties? As the ETF has evolved over the years, so too has the education and the conversation.
To achieve best execution and minimize risk, it’s imperative that institutional investors diversify the group of market makers from which they source their pricing. Currently, 73% of the notional traded volume in Equity ETFs are provided by five liquidity providers, and 76% of the notional traded volume in Fixed Income ETFs are provided by only two.* In addition, no single ETF market maker is able to provide the best prices across all products and asset classes at all times.
Can you tell us about how you apply your computer science background to your career? As a trader, I use many interconnected pieces of software to conduct research, identify trading opportunities, and manage portfolio risk. Having a computer science background allows me to have a richer and more precise dialogue with our technologists when it comes to improving our systems or suggesting new features. My quantitative and computer science background enables me to understand the fundamentals of a problem we’re facing and then quickly prototype and propose a solution.
When did you know that a career in trading was the right path for you? When I was younger, I was really good at playing video games and had dreams of developing them through the first part of high school. Ironically, we had someone from the Chicago Board of Trade visit my economics class my junior year of high school to talk to us about trading. He explained that it was fast-paced, dynamic, objective, and very competitive.
Can you tell us a little bit about your role? As a Quant Trading Analyst, I work on trading and research strategies along with assisting the day to day trading for my team. My team is a hard-working and smart group of people, and everyone contributes something different to the group – a necessity when we are working towards tackling a large problem together! What do some of your previous education and experiences include?
Aleksa I had a really positive experience interviewing at DRW, and it didn’t take me long to realize it would be a great place to work over the summer. I’m currently a Quantitative Trading Analyst intern, which means I get to combine technology, research and risk management to help identify optimal trading strategies. Between collaborating with the senior traders and technologists on my desk, I’ve already learned a ton in my time here.
Where there is risk there is also reward, and the financial trading industry is one place that fully embodies that sentiment. But for many, the rewards can be much greater than merely seeing monetary gain. Life in this fast-paced sphere is unique, and its qualities do a lot to stoke the interests and work styles of the huge number of professionals who choose to live on or near the trading room floor.
I joined DRW as a Real-Time Trading Intern this past summer while finishing my studies in Economics, Finance, and Math at McGill University. I remember my excitement on the first day as an intern as my cohort convened in the cafeteria to eat breakfast. While I was setting up my desk and getting access to my Bloomberg terminal, the hustle and bustle on the trading floor – which now feels so familiar – was energizing and made me even more eager to dive into my work.
Sam - Trading Analyst Intern My main task as an intern in Chicago this summer has been to forecast macroeconomic trends in the market. My work has involved beginning with a holistic view and gradually narrowing the scope of my research in order to add clarity to subtle trends. Some of the data I’m using exists internally with our research and market data teams, but I also spend time collecting interesting and relevant data from external sources.
Those conversations “about different blockchain or distributed-ledger concepts” led to the formation that year of Digital Asset. Read more at Institutional Investor.
“This group has significant experience in financial and physical energy trading, which will complement our existing energy trading and further diversify the business,” said Don Wilson, Founder and CEO at DRW. “Leveraging their experience, we expect to move into targeted physical energy trading over time. We’re looking forward to working with the team and building a strong presence in Houston.” “We are excited to become a part of DRW,” said Jeff Searle, newly named Head of Houston Trading at DRW.
Speaking in our Chicago office 13 years after he wrote “What Should I do With My Life?”, Bronson shared how resilience fuels risk taking and the connection between competition and risk taking. Resilience is a risk-taking tool Bronson explains that it’s a myth to think there is one single passion out there for each person. In fact, the happiest and most successful people are able to make the best out of any situation, finding passion in anything they try.
“RGM is a well-known and well-respected market participant with a talented team and trading strategies that are complementary to our own,” said Don Wilson, Founder and CEO of DRW. “Bringing our companies together creates significant opportunity in equities trading, research and technology infrastructure, which will bolster liquidity and innovation in those markets. We are excited to work with the RGM team and become part of the Austin community.” “DRW is an industry leader known for being on the right side of innovation in the markets,” said Richard Gorelick, Co-Founder and CEO of RGM.
He was most recently a Portfolio Manager with Citadel’s Fixed Income division, where he specialized in macroeconomic interest rate strategies. Prior to Citadel, Adam held roles with Brevan Howard and Credit Suisse First Boston. “Adam is an experienced fixed income trader, and I’m excited to bring someone with his talent and leadership to this role,” said Don Wilson, Founder and CEO of DRW. “Fixed income trading has been a key area of focus for DRW since I founded the firm while in the Eurodollar options pit, and Adam’s presence will further strengthen this focus.
That same day, I had to go to the CME to gain access to the floor. This trip included a few very long and silent elevator rides with our CEO Don Wilson. I’m happy to report every day (and elevator ride!) since has been much more comfortable. I really feel at home here. I’m surrounded by intelligent and kind people all working towards a common goal. Although I spend about eight hours a day thinking about trading, I’ve connected with my coworkers through the activities I do outside of my actual job responsibilities, particularly our charitable efforts.
Trader at DRW London: Throughout my whole life, I’ve enjoyed swimming and cycling, so a few years back I decided to give running a go and compete in triathlons. When I first started training, my only goal was to get out there and enjoy it. I swam, cycled and ran with passion. I used my training to really appreciate how lucky I am to be able to run, swim and cycle – three sports I love.
Like many of my peers, I started down the path towards Silicon Valley. Most of the companies I was interviewing with had big names and even bigger products that I had used or heard of before. But, as I got deeper into the process, I saw more of what my actual day to day would look like at these companies. I would start out as a junior developer, sit in a small desk in some corner of a huge global enterprise and write code that would have a minimal effect on the application as a whole.
Chicago’s traders long have injected money into the city’s economy, but now they’re becoming bona fide venture capitalists. The founders of some of the city’s most successful trading companies, including Getco, DRW Holdings and Jump Trading, have created separate entities for VC investing and recently began pouring tens of millions of dollars into startups. Read more at Crain’s Chicago Business
Founded in 1992 to identify and capture trading opportunities by leveraging technology, research and risk management, the firm has always focused on technology as key factor for success. Today, DRW employs technologists in all parts of the business and software engineers work closely with traders and researchers to choose the right technology solutions. According to Built In, Chicago is home to more 54,000 technology workers and over 3,200 digital companies.